Saudi Scientific & Medical Equipment House to float 30% stake on TASI
Riyadh-based Scientific and Medical Equipment House, or SMEH, intends to float 30 percent of its shares on Saudi Arabia’s main stock index, TASI.
This equates to 6 million shares to be raised in an initial public offering by SMEH, having received the Capital Market Authority’s approval last November, a bourse statement by the offering’s book-runner revealed.
In its capacity as the financial advisor of the offering, Alistithmar Capital will manage the book-building process. It will be limited to two tranches: participating entities and individual investors.
Participating entities will be entitled to all 6 million shares. The book-runner may reduce the stake allocated to this tranche to 5.4 million in case of high demand from individual subscribers, according to the statement.
Shares devoted to individual subscribers will be limited at a maximum of 600,000, equivalent to 10 percent of the total offered shares.
The decision to list came as the company aims to strengthen its position in the Kingdom’s operations, maintenance, and healthcare sector, SMEH’s chairman, Basel bin Saud Al Arifi, stated.